Idoni: Receipts down $1.72 million from 2017
WHITE PLAINS, NY: Revenue statistics released by Westchester County Clerk Timothy C. Idoni today indicate that the mortgage tax collected in the county decreased for the first time in four years. The total mortgage tax collected in 2018 was $18,414,552.96, as compared to $20,141,855.97 in 2017. The drop of approximately $1.72 million was the first decrease Westchester County has experienced in mortgage tax collections since 2014 when $14,951,341.58 was received, a decrease of over $ 2,000,000 from 2013.
“We saw some nervousness among potential home buyers in 2018, potentially due to the changes in the tax code, in particular the elimination of the SALT tax deduction,” said Clerk Idoni. He continued, “The overall mortgage collection was helped somewhat by some significant commercial property sales.”
While most municipalities in Westchester County saw similar drops in the amount of mortgage tax collected, some saw sizable increases. Harrison, Peekskill, and Rye City all saw increases with Harrison seeing the biggest at a 58%. Harrison collected $1,998,671.50, up from $1,265,986.52 in 2017.
Total Westchester County Mortgage Tax Collected
2014 through 2018
|
2014 |
2015 |
2016 |
2017 |
2018 |
|
$14,951,341.58 |
$18,396,877.74 |
$19,733,880.20 |
$20,141,855.97 |
$18,414,522.96 |
The Westchester County Clerk’s office oversees the collection of state, county and local mortgage taxes. For more information about the Office of the Westchester County Clerk, please call (914)995-3080 or visit www.WestchesterClerk.com.